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<br />."-', <br /> <br />442417 <br /> <br />Boox0632 PAGE 257 <br /> <br />5. Not to sell, transfer or dispose __. the Collateral, and promJ:tly to notify Sc~"Eed Party of cny ::hcnge in the <br />location of the Collateral within the State of Cc1orodo and n:>t to remove the same from the Stote of Colorado witil:>ut <br />tile prior written consent of the Secured POT'Y. <br /> <br />6. To pay all taxes and assessments of every natura vthkh may be levied or assessee agains1 6.e Ccliatercl. <br /> <br />7. Not to permit or allow any adverse lien, security L'1terest or encumbrance whatsoever upon the Collateral and <br />not to permit the same to be attached or replevined. <br /> <br />8. That the Collateral is in good condition, and that he will, at his own expense, keep the same in good conditio" <br />and from time to time, forthwith, replace and repair all such parts of the Collateral as may be broken. worn oui, or <br />ciamaged without allowing any lien to be created upon the Collateral on account of such replacement or repairs, and <br />that the Secured Party may exa:nine and inspect the Collalerol at any time, wherever located. <br /> <br />9. That he will not use the Collateral in violation of cmy applicable statutes, regulations of ordincmces. <br /> <br />UNTIL DEFAULT Debtor may have possession of the Collateral cmd use it in any lawful manner, and upon de. <br />fault Secured Parly shall have the immediate right to the posse?sion of the Collateral. <br /> <br />. DEBTOR SHALL-BE.-lN DEFAUkJ:.o\mder this agreement upon the happening of any of the following events or <br />.. _. .. _ . ....10. ,-~ t ~.- <br />conditions: - .',. ..,'" '. '\ .. -"",-... . <br /> <br />(a) default in the payinen1 or performance of any obligation, covenant or liability contained or referred to herein <br />cr I:: c~y l~ct,::, :::~;ide!l;i'r'ig th~ ~s=d.::~~; <br /> <br />(b) the making or furni?hing of any warranty, representalion or statement to Secured Party by or on behalf of <br />Debtor which proves to have been false in cmy material respect when made or furnished; <br /> <br />(c) loss, theft, damage, ciestruction, sale or encumbrcmce to or of cmy of the Collateral. or the making of cmy levy, <br />seizure or attachment thereof or thereon; <br /> <br />(d) death, dissolution, termination of existence, insolvenCY, business failure, appointment of a receiver of cmy <br />part of the property of, assignment for the benefit of creditors bY, or the commencement of any proceeding under any <br />banr-.rupky or insolvency Jaws of, by or against Debtor or any c)'Uarantor or surety for Debtor. <br /> <br />UPON SUCH DEFAULT and at any time thereaiter, or iJ it deems itself insecure, Secured Party may declare all <br />Obligations secured hereby immediately due cmd payable crrld shall have the remedies of a secured party under h. <br />ticle 9 of the Colorado UniJorm Commercial Cocie. Secured Parly may require Debtor to assemble the Collateral and de- <br />liver or make it avail61e to Secured Party at a place to be designated by Secureci Party which is reasonably convenient <br />to both parties. Expenses of retaking, holding, pre;::aring for sale, selling or the like shall include Secured Party's rea. <br />sonable attorney's fees and legal expenses. <br /> <br />No waiver by Secured Party of any default s:,all operate as a waiver of any other default or of the same default <br />on a future occasion. The tal::ing of this se:urity agreement shall not waive or imp::::ir any other security said Secured <br />Parly may have or hereafter aCquire for the payment of the above bdebtedness, nor s!-lall the taking of any such addi. <br />tional se::urity waive or L'T.Ipair this security agreement; nut said Secured Par:y may resen ~o C!:l'l se:::v.rity it :nay have <br />b the oreier it !!lay aaam proper, and I!Otwithstc...'"1dL.""!c; cny collweral security, Se:::cred Pc:rty sho11 r6toL'1 its ric;::ts of set- <br />err agc::i11st Debtc:. <br /> <br />than one DelJICl', their li6il:ties nersU.<"1ae: S:i:::l! be jCLl1t and ss.,;s:::::1, <br /> <br />c=:J.d d1;ties c.: Dabtcr s~aE !JL-d b~ h9i_rs, E'xe::uk-::s .:'1T cc.!nj:~:i~7::"::::'f~ C': hj~, :: i!3 S'.2-:::2S~:=-S _:,r C22::;;~.2. !: :n.c:c l:e =-:::2 <br /> <br />JiJ! :::;hts of Secured p~ nereunder shdl bure to be OS::lefit of its successors ~ci assi:;!1s; and all pTon:ises <br /> <br />Dated f.'1,i,s <br />Debtor:. <br /> <br />CCYO' <br /> <br />10 <br />,''''-' <br />Se:::ured ?arty: ~ <br /> <br />OVERLAND DITCH- c'L\'D RISER'I'OIR CO'!PAl\, <br /> <br />COLO~~DO WATER CO~SERVA!TO~ ROA~D <br /> <br />.' ; <br />/) -'- >. / <br />B\' ,//!./......~ ...~~...... <br />Peter ~asper: Pr~sideP-t <br /> <br />Bv ~'--4t/"J. <br /> <br />i.^v((JL~ <br />~ <br /> <br />---- <br /> <br />.E this Se::-.::ity Agre-~r.:.enl is ir:i€,:,:dt;c to se....e as =:- Ii~c:ncic:l s:clemeni secure::' ?C::~::- cs "'!ell cs j:,e debto: :::ust si:;:'i., <br />